Cardano has made new headlines recently, especially since it outpaced Ethereum in core development activity. This attracts even more attention to this crypto project and can make more individuals more interested in Cardano’s native token, ADA. Cardano was the idea of Charles Hoskinson, who wanted to offer improved solutions over the available projects.
The creator aimed to ensure this by making Cardano a research-driven project with a more academic approach than the other alternatives. This is why the Cardano crypto project stands out from the rest and has grown in popularity.
Even though all the development stages of Cardano occurred over the years, and some individuals might say it has a slow process, this approach was needed to ensure that Cardano doesn’t have errors in its blockchain. In the development of Cardano, university partners and software engineers worked closely together to make Cardano offer something different from the rest. Thanks to this, Cardano has managed to have low fees, no negative impact on the environment, and fast transaction speeds.
In this article, we will discover the reasons why Cardano is a good buy this month. Keep reading to learn more.
Tech innovation
Cardano is a crypto project that has tried to improve its technicalities over the rest and offer something new that could forever reshape the blockchain space. For example, one of Cardano’s innovative technicalities is its Proof-of-Stake (PoS) consensus mechanism, with a special example named Ouroboros. This model has many features that are better than the other consensus mechanisms, especially the Proof-of-Work (PoW) consensus mechanism, which was criticized over the years for its huge electrical consumption. This option is used by Bitcoin, which has gathered a lot of criticism because of this.
However, Cardano has researched how to overcome all these shortcomings and found the solution in Ouroboros. Thanks to this, Cardano can improve its speed and offer high throughput while remaining an eco-friendly option.
Other than this, Cardano has a development roadmap that occurs in stages to ensure great performance and remove the chances of mistakes. The first stage in the development is called Byron, which offers the foundation of this network. Then, there is Shelly, which integrated the decentralization that Cardano is now renowned for. The others that followed, such as Basho, Goguen, and Voltaire, have brought scaling solutions and improvements to smart contracts.
With this approach and the focus on tech innovation, Cardano can truly stand out from the rest.
A long list of use cases
Cardano has a long list of use cases that can help this digital coin benefit from broader adoption and start making more waves around the world. Cardano is an interoperable platform, which means that it can communicate with other blockchain platforms. This is a great advantage, especially for the decentralized space (DeFi), and it can truly revolutionize this space.
Cardano also has innovative projects like Plutus and Marlowe that can help more individuals feel welcome to use smart contracts and, in this way, revolutionize the DeFi space even more. Plus, because Cardano has an academic approach, it can be seen as a more secure investment and attract even more partnerships.
Building a strong community
Cardano has built a strong community that has united its forces to help this blockchain grow in a way that not many people have ever expected. Cardano is centred on decentralization to offer the community what they expect from a crypto project. The Shelley phase brings full decentralization to the Cardano blockchain and will place control in the hands of Cardano users.
The Voltaire phase is focused even more on building a strong community and giving more rights to its members. In this way, the ADA holders can benefit from a very democratic decision-making process and improve Cardano’s strengths even more. In the evolution of Cardano, many developers, individuals, and technologists are here to help Cardano improve and stand out from the rest. They can do this with the help of the Cardano Improvement Proposal (CIPs), where they can offer their ideas on how the Cardano platform can elevate even more.
How did Cardano perform in the market?
Cardano is a successful project that has proved that its ADA token can be among the most important digital tokens. Thanks to this, ADA has been periodically ranked among the top 10 cryptocurrencies by market capitalization. In the future, ADA can have an even brighter trajectory, which is one of the reasons that this digital coin is a good buy this month.
Plus, because Cardano has made headlines because it has surpassed Ethereum on the Core Dev Activity, people will surely be more interested in seeing whether this event can impact Cardano’s future. Many factors can make the Ada price grow, and among the most important ones are market perception, the launch of new upgrades, and a clear regulatory framework.
So, is Cardano a good buy this month?
This month has proved even more why Cardano is a good investment, especially because of the current events where Cardano has surpassed Ethereum. This makes you consider Cardano even more for an investment, and it can have a bright future if it improves its use cases, integrates new tech innovation, and participates in the growing market adoption.
However, Cardano is still a crypto project, which means that it is subject to a lot of volatility. Therefore, you should analyze your risk tolerance to reduce the chances of losing your funds. Before investing in any digital coin, research to discover both its shortcomings and advantages.
Cardano is a plus over other blockchain projects because it focuses on a lot of academic research. Because of this, it has managed to add new improvements that haven’t been present in other projects. This makes Cardano stand out and makes it a more suitable investment.
